Simba Storage, the first token released for Satoshi Bitcoin, has received a crypto storage license from DMCC (UAE Free Economic Zone). The project is a partner of TRES OTC DMCC, which received an over the counter crypto trading license in Dubai UAE. Following in the footsteps of a partner company, Simba Storage, based in Switzerland, Liechtenstein and the UAE, has received a trading license that will legalize its cryptocurrency storage services in Dubai, UAE. Simba is currently the first Bitcoin-backed token that has an official storage license.
Simba Storage aims to become a leading crypto bank and crypto storage facility in the industry and has already established its presence by achieving several foundational milestones already. They began their development in October 2019 as a self-funded organization and have developed exponentially in the last two years.
One of the unique selling points of Simba Storage is their ability to restore access to a user wallet even if the seed phrase is lost, using the KYC procedure. This feature is unique to Simba Storage, as other cold crypto storage facilities cannot facilitate that. Moreover, the project has a diversified number of locations where the crypto is stored, including UAE, New Zealand, Liechtenstein and Switzerland. To further ensure its security, the cold storage is based on a multi-signature algorithm.
Simba Storage aims to develop an institutional-grade cold storage technology ecosystem to promote the global adoption of cryptocurrencies using a safe, simple and secure platform for users with or without knowledge and experience. To that end, the project offers a variety of features including the minting of SIMBA tokens to send to the users when transferring Bitcoin to the storage.